Broken down by chapters, “Machinery and equipment” recorded in July an increase of 13.2% annual and accumulated a rise of 15.8% for the seven months of the year analyzed. In the breakdown by origin, investment in national equipment increased 2.8% annually, while those of imported origin grew 23.7%, which showed a slowdown compared to the previous three months, according to Ferreres.
Also, the industry “Building” posted in July an advance of 15.8%, and accumulated an expansion of 17.7% for the months elapsed. “In the seasonally adjusted measurement, the sector continues to grow, partially offsetting the contraction observed in investment in durable production equipment,” the consultant highlighted.
In this context, he pointed out that During July, the annual growth of investment showed a deceleration with respect to the rate that had been showing in previous months.
“If we look at the series without seasonality, we see that investment since April no longer shows expansion, and in July we even observed a monthly contraction of 2%,” Ferreres remarked in the report.
“This could be suggesting a certain limit to the process of advancing investments and accumulation of stocks that has been taking place due to the exchange rate gap, although the uncertainty generated by the political crisis that prevailed during July must also be considered, and without a doubt the effect of the Greater controls and limitations on imports ordered by the Central Bank”, he analyzed.
In this sense, the consulting firm stated that it does not expect an expansionary trend in investment for the remainder of the year, understanding that the highest levels have already been reached.
“We will continue in a situation of stagnation that could degrade into a decline contingent on the evolution of the macroeconomy,” concluded Ferreres.
Source: Ambito
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